Benchmark Briefs

Purchase orders (POs), are a valuable control tool in the P2P process. POs can help organizations avoid rogue spending, prevent incorrect deliveries, improve visibility into inventory, and provide preapproval for expenditures to speed invoice processing in AP. When buyers follow a good, clear set of PO policies, organizations are better able to manage their… Read More

Cost-minded AP departments implement electronic invoicing to reduce paper invoices and their associated costs. In addition to reducing costs, what effect does increased e-invoicing have on key performance indicators (KPIs) in accounts payable? To find out, the AP&P2P Network conducted an Accounts Payable Key Performance Indicators (KPI) Survey in 2016. This study, which included… Read More

Not long ago a lot of folks were concerned about capturing Pokemon on the go—but capturing vendor discounts in Accounts Payable is, well, actually important! And the more discounts AP is able to get, the more AP demonstrates value to the organization as a business partner and revenue generator. That’s why AP needs to… Read More

Although AP leaders play an integral role in corporate purchasing decisions related to AP products and services, that doesn’t mean they automatically see their pet improvement projects come to fruition. There are often a number of obstacles standing in the way, as the AP & P2P Network learned through interviewing AP professionals at 252… Read More

Even the most well-run AP operation has its share of “pain points” that cause headaches for managers, employees, vendors, and people working in the other parts of an organization’s P2P process. To get the inside scoop on which pain points are plaguing accounts payable people the most, the AP & P2P Network surveyed AP… Read More

Purchase orders are one of AP's best defenses against noncompliant spending. POs help organizations ensure that those who make purchases on the company's behalf are adhering to established policies. They also serve as an integral component of the all-important three-way match. Specific practices pertaining to POs can vary by organization. To get a clear… Read More

Although research shows that the number of organizations that use check payments is decreasing, many organizations are still relying heavily on these paper remittances. With check fraud still the most common form of AP-related fraud, organizations need to implement a solid set of security measures to make sure every check that’s issued is actually… Read More

Since 2002, when the U.S. Congress passed the Sarbanes-Oxley Act (SOX) to help improve the accuracy of corporate disclosures and protect businesses’ shareholders and the public from accounting errors and fraudulent practices, it has been more important than ever for AP operations to have a solid set of internal controls in place. Internal controls… Read More

In the article, “Tips for Weeding Paper Checks out of the P2P Process With P-Cards,” we presented a strategy for enhancing the cost-effectiveness and efficiency of the P2P process by convincing suppliers to accept payments via p-cards instead of checks. But where do AP professionals stand in regard to tools, technologies, and disbursement methods?… Read More

Organizations often have a difficult time processing invoices in a timely enough manner to qualify for early payment discounts. Fortunately, technology has improved processing times, and there is an increasing ability to capture more of these valuable discounts. But just how do they do it? IOFM surveyed its members and found that the policies… Read More

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